Chude Jideonwo, co-founder of RED Media, has launched a new company focused on “building a new generation of Africans and to spread happiness across Africa”.

Joy, Inc is a benefit corporation registered and based in Miami, Florida, with a Nigerian subsidiary.

In a statement, Jideonwo explained the importance of the company and how it would be beneficial to many on the continent.

“Africa has leapfrogged once before – from desktop to mobile – and it’s time to leapfrog again,” he said.

“The world is learning that income growth is not enough for the well-being of citizens, and the evidence shows that happier citizens build better societies.

“In fully harnessing the power of positive emotions in line with the current thinking across sociology, psychology, divinity and behavioral economics, Africa’s new generation can possess the tools needed to not only tackle the continents mental and emotional health crisis, but also leapfrog around the considerable obstacles that prevent its nations from achieving full potential and transforming nations.

“In doing this, we are also pioneering a new model of business – based on our benefit corporate structure – where all our profits are invested in a small network of Nigeria-based charities – including the Hearts of Gold Children’s Hospice, the Mentally Aware Initiative Nigeria, and She Writes Woman.

“We seek to show clearly that businesses are crucial tools to solve Africa’s critical problems while building wealth, not for shareholders, but transparently for public good.”

Before now, Jideonwo had spent 12 years as the chief executive officer of RED.